Ludby, Max (1858-1943; English)
River scene 1884
Watercolour, c.34.29 x 50.17 cm
Bequeathed by Alfred Felton, 1904
Unidentified; present location unknown 

This would appear to be one of the few works chosen from Felton’s collection after his death that is no longer held in the NGV.

Other watercolours and oil paintings by Ludby, many of them featuring rivers, regularly appear at auction.

[comparative work: Crossing the ford (via artnet.com)]

Refs.

NGV 1905, p.44 (II.Stawell Gallery, no.30; size given as 19¾” x 13½”) 

For Ludby (with other examples of his work), see Mallalieu (1976), p.165; http://www.artnet.com/artists/max-ludby/past-auction-results (including the work reproduced here: watercolour, 35 x 52 cm; auction details not given); and http://www.mutualart.com/Artist/Max-Ludby/283BE5838ECF7711; see also Bénézit 8, p.1331, and for further biographical details (emphasizing his support for Whistler),  http://www.whistler.arts.gla.ac.uk/correspondence/people/biog/?bid=Ludby_M&initial=L